Theodore R. McKeldin, Governor 257
shall begin any work with funds secured pursuant to the provisions
of this Act unless satisfactory assurances are made to the Board of
Public Works that the work described in the individual items in this
Act can be completed with the funds specified for each such item
Sec. 8. And be it further enacted, That if any projects listed in
this Act shall not have been contracted for within two years from
the effective date of this Act, then such project shall be deemed to
have been abandoned. If the total loan authorized herein shall have
been issued within two years from the effective date of this Act, then
the amount specified herein for said abandoned project shall be
transferred to the Annuity Bond Fund and shall be applied to the
debt service requirements of the State. If, however, the total loan
authorized herein shall not have been issued within two years from
the effective date of this Act, then the total issuable Certificates of
Indebtedness authorized herein shall be reduced by the amount speci-
fied herein for said abandoned project.
Sec. 9. And be it further enacted. That until all of the interest
on and,principal of any certificates issued under this Act have been
paid in full, there is hereby levied and imposed an annual State tax
on each $100 of assessable property at the rate to be determined in
the following manner: on or before December 1, 1956, and on or
before December 1 in each calendar year thereafter, the Board of
Public Works shall certify to the governing bodies of each of the
Counties and Baltimore City the rate of State tax on each $100 of
assessable property necessary to produce revenue to meet all in-
terest and principal which will be payable to the close of the next
ensuing calendar year on all certificates theretofore issued or there-
tofore authorized by resolution of the Board of Public Works to be
issued, and the governing bodies of each of the Counties and Balti-
more City shall forthwith levy and collect such tax at such rate.
All matters committed by this Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.
Sec. 10. And be it further enacted, That moneys derived from the
sale of Certificates of Indebtedness authorized by this Act shall be
used only for capital improvements and for no other purpose. In
determining whether an expenditure represents a capital improve-
ment the Board of Public Works shall be guided by the principle
that a capital improvement is an improvement, the useful life of
which shall be at least equal to the life of the bonds or Certificates
of Indebtedness by which it is financed.
Sec. 11. And be it further enacted, That this Act shall take effect
June 1, 1956.
Approved March 26, 1956.